The Fountain Square office complex in Boca Raton traded at a steep discount from the price paid for the buildings seven years ago.
Fountain Square Acquisition Co., which is tied to JPMorgan Investment Management, got $37 million for the 2600 North Military Trail complex in a transaction recorded on Friday, according to Palm Beach County records. The company paid $63.5 million for the site in June 2007. Fountain Square traded for about $56 million in October 2004.
The buyer is Fountain Square Owner LLC, a Delaware corporation with NAI Merin Hunter Codman’s West Palm Beach address. The company assumed a $34 million mortgage as part of the transaction. NAI CEO Jordan Paul signed loan documents as the buying company’s representative.
Built in 1998, Fountain Square includes three buildings totaling 241,000 square feet of rentable space. — Eric Kalis